Vacation Home Mortgage

by on April 27, 2015

Reverse MortgageToday TaxMama® hears from LFloom in the TaxQuips Forum with a very good question.

We want to buy a vacation home that will eventually be a retirement home. It is difficult and more expensive to get a loan on this place. So, I want to get a mortgage on my primary home to buy the second home. Will the interest be tax deductible?

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Tax Season Blues

April 15, 2015
Overwhelmed by tax records

Today TaxMama® just wants to bring up a little lightness of being. Today is the day to pay last year’s taxes with the extension; estimated taxes for this year, and the final IRA contribution to reduce last year’s taxes a bit. So…it’s time to sing the blues.

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Collecting Social Security Early

April 10, 2015
Collecting Social Security

Today TaxMama® hears from Thom in the TaxQuips Forum with a question I used to wonder about. “I started collecting Social Security benefits at 62. I just started working a few hours a week part time. Why are they still deducting SS from my paycheck, since I am collecting benefits?” photo by:

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Everything You Want to Know About the EA Exam 2015

March 23, 2015
 All  About the EA Exam

The REPLAY of the March 2015 webinar is here! Becoming a knowledgeable tax professional isn’t easy. It takes a lot of dedication, math skills, and the flexibility to keep up with the myriad of tax law changes that take place each year. But it can be done. And TaxMama’s EA Exam Review Course  is the best […]

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Oops Got Another 1099, W-2 etc

March 18, 2015
Yet another mistake

Today TaxMama® hears from various folks in the TaxQuips Forum and elsewhere with another common problem. “I filed my tax return and then got another W-2, 1099, or a corrected 1099 from my brokers. What should I do now?” photo by:

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Moving & Payroll

March 9, 2015
Multiple states

Today TaxMama® hears from various folks in the TaxQuips Forum and elsewhere with this common problem. “My client moved to a different state while working for the same company. His W-2 shows withholding for the former state, but none for the state he lived in. His employer won’t correct the W-2. What should we do?” […]

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Home Schooling

February 23, 2015

Today TaxMama® hears from Sharonda in the TaxQuips Forum with this fun topic, let me re-phrase. “I have a new client that home schools her children. What tax breaks are available to her?”                                                                            

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Crowdfunding for Medical Costs

February 16, 2015
Crowds geting ready for crowdfunding

photo: Today TaxMama® hears from Josh in the TaxQuips Forum with this interesting question, let me re-phrase. “I want to raise money for a family member who is ill, using crowd-funding. What’s the best way to do this with the least tax impact?”

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Asking After the Fact

February 9, 2015

 Today TaxMama® hears from several people in the TaxQuips Forum, with questions asked too late. Here are some questions that should have been asked before you entered into your financial transactions – not when you file your tax returns.

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W-4 Time

February 2, 2015
Save your paystub and update your withholding

photo: Today TaxMama® hears from Bingo1 in the TaxQuips Forum, with this disturbing question. “On the w4 form I believe the amount for line 5 is 2 because my husband is the only one working and I don’t work. I have two kids. Is that correct? My CPA told me I should use 1 on […]

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